An example of a monopoly is
A) a big city restaurant.
B) the stock market.
C) the only veterinarian in an isolated farm community.
D) a large hospital in a big city.
C
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If the nominal interest rate increases without any change in the rate of inflation:
A) the ratio of real interest rate to nominal interest rate increases. B) the real interest rate increases. C) the real interest rate decreases. D) the real interest rate remains the same.
Refer to Table 5.4. If outcomes 1 and 2 are equally likely at Job A, then in absolute value
A) W = X = $10. B) W = X = $20. C) W = Y = $100. D) W = Y = $200. E) W = Y = $300.
Which of the following is a true statement about obstacles to increased economic integration?
A) Countries generally agree about appropriate environmental standards. B) Domestic policies do not affect international trade. C) Production changes due to trade redistribute income fairly. D) Adopting common standards gives an advantage to firms that already meet those standards.
Suppose that the city builds a new park that is advertised as being "open to the public," and within two months the grass in the park is ruined by overuse. This would be an example of
a. a nonrenewable resource b. a private good c. the common pool problem d. a positive externality e. a renewable and excludable resource